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FameEX Hot Topics | SEC Postpones Spot Bitcoin Applications Once More, Leading to BTC Price Retreat
2023-11-20 16:30:55
Bitcoin enthusiasts who have been eagerly anticipating the launch of a Bitcoin exchange-traded fund (ETF) in the United States will need to exercise patience once again. The U.S. Securities and Exchange Commission (SEC) has decided to defer its decision on pending ETF applications yet again. The recent eight-day window for potential approvals has now come to a close, and no new Bitcoin ETFs have been given the green light. Instead, the SEC has announced plans to review these applications in the upcoming year, extending the period of suspense for crypto enthusiasts and investors alike.
Among the applications postponed by the SEC are a spot Bitcoin ETF proposal from Global X and Franklin Templeton, as well as an application submitted by Hashdex earlier this week. This ongoing deferral of decisions regarding Bitcoin ETFs has become a familiar pattern, driven by the SEC's concerns over potential market manipulation in the cryptocurrency space. The regulatory body continues to exercise caution in its approach to approving such ETFs, emphasizing the need for robust safeguards against market abuse and manipulation. The stakes are high, as many market observers believe that the approval of a Bitcoin ETF could trigger a substantial inflow of capital from Wall Street into the cryptocurrency market. Analysts at CryptoQuant, a prominent crypto data analytics firm, go so far as to predict that the green light for a Bitcoin ETF could result in a staggering $1 trillion boost to Bitcoin and other digital assets. This potential influx of capital has fueled the excitement and speculation surrounding the SEC's decision. Despite the repeated delays and cautious regulatory stance, there is growing optimism among cryptocurrency advocates. Analysts at Bloomberg Intelligence now estimate a 90% likelihood of a Bitcoin ETF receiving approval by January. This newfound optimism may stem from the evolving landscape of the cryptocurrency industry, with increased institutional interest, regulatory clarity, and growing mainstream acceptance. Investors and enthusiasts eagerly await the SEC's decision, recognizing the potential significance of a Bitcoin ETF approval. Such an approval could represent a milestone moment for the cryptocurrency market, bridging the gap between traditional finance and the digital asset ecosystem. As the SEC takes its time to review and evaluate the pending applications, the cryptocurrency community remains on the edge of its seat, hopeful for a positive outcome that could shape the future of crypto investments in the United States. Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
